The Board of Directors is pleased to present the 14th Annual Report of
 the Company together with the Audited Accounts for the year ended 30th
 September, 2008.
 
                                                             Rs. in Lacs
 
 Particulars                                2007 - 2008     2006 - 2007
                                           (01.10.2007    (01.04.2006 to
                                            to 30.09.2008)   30.09.2007)
 
 Sales / Income                                     0.50        600.72
 Gross Profit / (Loss) before       
 Depreciation and Financial 
 Charges                                          (10.33)         1.82
 Less : A. financial Charges                        0.76          0.37
 B. Depreciation                                    0.77          0.00
 Net profit / (Loss) before Tax  and prior 
 period expenditure                                (8.80)         1.45
 Net profit / (Loss) after tax                    (10.03)         1.45
 
 OPERATIONS:
 
 The Company did not operate this year due to shifting of Registered
 Office from Chennai to Bangalore and also require to comply a lot of
 statutory formalities to start the business and hope the Company may do
 business activities this current year.
 
 The shares are suspended for trading on 28.12.2007 and we are trying to
 revoke the suspension of trading and hope BSE will recall the
 suspension of trade very soon.
 
 DIVIDEND
 
 In view of Loss incurred during the year, your. Directors do not
 recommend any dividend for the financial year ended 30th September,
 2008.
 
 DEPOSITS
 
 Your Company has not accepted any deposits from the public during the
 year under review.
 
 DIRECTORS
 
 Mr. G. Vijay Kumar, Director of your Company retires by rotation at the
 ensuing Annual General Meeting and is eligible for reappointment.
 
 None of the Directors of the Company are disqualified U / s 274(1)(g)
 of the Companies Act, 1956.
 
 DIRECTORS RESPONSIBILITY STATEMENT U/S. 217 (2AA) OF THE (COMPANIES
 AMENDMENT) ACT, 2000,.INDICATING THEREIN;
 
 i) That in the preparation of the Annual Accounts, the applicable
 accounting standards had been followed along with proper explanation
 relating to material departures;
 
 ii) That the directors had selected such accounting policies and
 applied them consistently and made judgments and estimates that are
 reasonable and prudent so as to give a true and fair view of the State
 of affairs of the company at the end of the financial year and of the
 profit or loss of the company for that period;
 
 iii) That the directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this act for safeguarding the assets of the company and
 for preventing and detecting fraud and other irregularities;
 
 iv) That the directors had prepared the annual accounts on a going
 concern basis.
 
 PARTICLUARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN
 EXCHANGE EARNIGS AND OUTGO
 
 Particulars of Conservation of Energy, Technology Absorption & Foreign
 Exchange Earnings and Outgo As required under Section 217(1)(e) of The
 companies Act, 1956, read with Rule 2 of the Companies (Disclosure of
 Particulars in the report of the Board of Directors) Rule 1988, the
 particulars relating to Conservation of Energy, technology Absorption
 and Foreign Exchange Earnings and Outgo are given in Annexure - 1,
 which forms part of the Directors Report.
 
 AUDITORS
 
 M/s.T.N. Pratap & Associates, Chartered Accountants, Bangalore,
 Auditors of the Company retire at the. conclusion of this Annual
 General Meeting and are eligible for re appointment. As required under
 section 224(1B) of the Companies Act, 1956.
 
 CORPORATE GOVERNANCE
 
 The Company has compiled with mandatory requirements of Corporate
 Governance as prescribed in the Listing Agreement with the Stock
 Exchanges to the extent possible, taking into account, the operational
 requirements, financial position of the company, etc. A separate report
 on Corporate Governance along with the Auditors Certificate on its
 Compliance is attached as Annexure to this report.
 
 STATEMENT PURSUANT TO LISTING AGREEMENT
 
 The Companys Shares are listed with the Bombay Stock Exchange Limited,
 Madras Stock Exchange Limited and Coimbatore Stock Exchange Limited.
 The Listing Fees have been paid up to date.
 
 ACKNOWLEDGEMENT
 
 Your Directors place on record the valuable services & co- operation
 extended by the Companys Shareholders, employees, Bankers and other
 agencies, associated with the company. The Board looks forward to their
 continued support in all its future endeavors. Your Directors also
 place on record the co-operation extended by the State and Union
 Government and the various Statutory Bodies.
 
                                      By order of the Board of Directors
                                  for PITTSBURGH IRON AND STEELS LIMITED
 
 Place : Bangalore                   G. VIJAY KUMAR       D. MADAN MOHAN
 Date  : November 29, 2008           Managing Director          Director